Seneca Foods Plans $148M Deal For Bankrupt Allens

Law360, New York (December 17, 2013, 2:17 PM EST) -- Marion, N.Y.-based Seneca Foods Corp. said Tuesday that it plans to buy the operating assets of frozen vegetable manufacturer Allens Inc. for about $148 million, in a deal dependent on the outcome of Allens' bankruptcy proceedings.

According to a Tuesday press release from Seneca, the transaction will be consummated through a court-supervised process under the U.S. Bankruptcy Code, and is subject to an auction and bankruptcy court approval. The food processor and distributor said that its $148 million offer to buy out Arkansas-based Allens will serve...
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